Stocks on Wall Street closed lower on Tuesday as investors braced for a big week of news on inflation and company earnings reports.

The S&P 500 fell 0.9%, the Dow Jones Industrial Average slid 0.6% and the Nasdaq lost 0.9%. Big companies are beginning to report their latest quarterly results this week. PepsiCo's profits easily beat analysts' estimates.

Major banks including JP Morgan Chase are on tap later this week. Crude oil prices fell sharply. Bond yields continued flashing a warning signal about a possible recession. The yield on the 10-year Treasury slid to 2.96%.

Travel-related companies bucked the broader market decline. United Airlines climbed 7.3%, American Airlines jumped 9.6% and cruise line operator Carnival rose 6.4%.

Clothing company Gap fell 4.7% after announcing that CEO Sonia Syngal is stepping down from her role after two years on the job.